Boeing lifts wage hike to 30%
The 30% general wage hike improves upon the 25% in the earlier offer.Business
Apple in talks to invest in OpenAI, creator of ChatGPT: report
Washington, United States - iPhone juggernaut Apple is in talks to invest in OpenAI, the creator of ChatGPT and the biggest...Business
Arab countries account for 60 percent of global Islamic financial industry, says AMF
ABU DHABI, UAE – Director-General and Chairman of the Board of Directors of the Arab Monetary Fund Dr Abdul Rahman...Setting accounting standards for Islamic finance institutions helps support the growth of the industry.
Maintaining the Islamic financial industry's achievements requires focusing on capacity building.
Qatar launches ‘Istamer’ platform to employ retirees in private sector
DOHA, QATAR - The Ministry of Labor (MoL) launched the "Istamer" digital platform, which deals with employing Qatari retirees wishing...The platform’s purpose is to aid retired persons keen on re-entering the workforce find jobs in private institutions aligned with their expertize.
The platform streamlines the entire recruitment process, from application submission to interviews and final job offers, which is all conducted online.
ADNOC, TAQA complete financial closing on sustainable water supply project
ABU DHABI, UAE - ADNOC and Abu Dhabi National Energy Company (TAQA) have completed the financial closing of their $2.2...A consortium comprising Orascom Construction and Metito (the Consortium) will construct a centralized world-class seawater treatment facility.
ADNOC and TAQA own a joint 51 percent majority stake (25.5 percent each), the Consortium owning the remaining 49 percent stake in the project company.
Al Akaria signs $610m infra contracts
The Public Investment Fund is a related party to the contracts.The contracts pertain to development of the main infrastructure networks and bridges for the Qiddiya project.
The contracts also include the design, construction, testing and commissioning of a sewage treatment plant.
Investcorp portfolio firm listed
The firm, PT Multitrend Indo, was listed on the Indonesian stock exchange.This is Investcorp's first IPO on the Indonesian stock exchange and the 26th IPO in the Firm's 40-year history.
Investcorp currently has five offices spread across Asia with over US$1.2 billion invested in 40 portfolio companies.
Evergrande shares sink after restructuring plan scrapped
Evergrande's enormous debt has contributed to the country's deepening property market crisis, raising fears of a global spillover. The property...The company collapsed more than 25 percent by the break, underscoring market concerns as China's property sector faces an unprecedented crisis
On Sunday evening, Evergrande announced that it was unable to issue new debt as its subsidiary, Hengda Real Estate Group, "is being investigated"
Alpha Dhabi acquires stake in Metito
With this deal, Alpha Dhabi marks entry into water and wastewater domain.The acquisition sees Alpha Dhabi purchasing the majority stake from selling shareholders Mitsubishi Corporation, Mitsubishi Heavy Industries, and Gulf Capital.
The Ghandour family, Metito's founding shareholders, will retain their leadership roles.
Amazon to pour US$4bn into Anthropic
Its investment will heat up the race for dominance in AI.As part of the deal, Anthropic will use Amazon's chips and its cloud services -- the data cen that store and process data on a vast scale -- for "mission critical workloads"
The deal intensifies competition between Amazon and Google, which had earlier opened its cloud services to Anthropic and invested $300 million to acquire 10 percent of the company
EU businesses ‘questioning their position’ in China: trade official
The EU trade commissioner is in China to press the bloc's case that it is not seeking an economic decoupling..."European companies are concerned with China's direction of travel," the EU trade commissioner said
He pointed to a new foreign relations law and a recent update to China's anti-espionage laws as being of "great concern"
UAE most competitive MENA economy
The 2023 IMD World Competitiveness Ranking placed the UAE among the world's 10 most competitive economies.Gulf Cooperation Council economies are the most competitive in the Middle East region, according to the latest IMD World Competitiveness Ranking.
In the 2023 IMD World Competitiveness Ranking, the top three economies are Denmark, Ireland and Switzerland, while the US ranks seventh.
